When a country is placed under international sanctions, the traditional financial chain is broken. Iran has faced such a situation in recent years—being kicked out of SWIFT, cross-border payments almost ceasing, and the rial continuously devaluing. Against this backdrop, cryptocurrencies have quietly become a breakthrough.

What is the most direct impact? Banks lose their role as "gatekeepers" in international transactions. Without SWIFT, traditional payments cannot be processed, but Bitcoin and USDT do not require any financial intermediaries to cross borders. Merchants settle trade using cryptocurrencies, and ordinary people use them to hedge against local currency devaluation—this is like establishing a parallel financial system right under the noses of central banks and commercial banks. A large number of people are flocking to crypto assets, the deposit base of banks is shrinking, and their lending capacity is consequently declining.

The initial response from the banking sector was quite traditional: the central bank once banned the exchange of fiat currency and cryptocurrencies through local payment networks, attempting to cut off the source. But this move is actually difficult to fully enforce— the more you block, the more active the underground market becomes, and you lose control over the flow of traffic.

The real change lies in a shift in perception. From mere resistance to considering coexistence, the financial system is beginning to think about how to find room for survival within the new landscape. Essentially, this conflict reflects how quickly decentralized alternatives can fill the void when traditional payment systems fail.